# Youth and Aging Channels by Capital Account Openness

| Variable | Banking: Closed | Banking: Mid | Banking: Open | Reversal: Closed | Reversal: Mid | Reversal: Open |
|:---|---:|---:|---:|---:|---:|---:|
| youth_dep | 0.0316* | 0.0373* | -0.0053 | -0.0643 | 0.0127 | -0.0886 |
| | (0.0173) | (0.0217) | (0.0182) | (0.0601) | (0.0724) | (0.0582) |
| old_dep | 0.2267** | 0.0799 | 0.0356 | -0.5850* | -0.4356* | -0.8379*** |
| | (0.0894) | (0.0690) | (0.0382) | (0.3095) | (0.2301) | (0.1222) |
| fiscal_bal_gdp | -0.0007 | 0.0003 | -0.0001 | -0.0029* | -0.0021 | -0.0047*** |
| | (0.0005) | (0.0006) | (0.0005) | (0.0018) | (0.0021) | (0.0016) |
| nfa_gdp_lag | 0.0006 | -0.0009 | -0.0018 | 0.0194* | 0.0217** | 0.0252*** |
| | (0.0034) | (0.0033) | (0.0019) | (0.0117) | (0.0109) | (0.0060) |
| rgdp_growth | -0.0009** | -0.0007 | -0.0016*** | -0.0017 | 0.0003 | -0.0033** |
| | (0.0004) | (0.0007) | (0.0005) | (0.0012) | (0.0022) | (0.0016) |
|:---|---:|---:|---:|---:|---:|---:|
| N | 2174 | 1295 | 2020 | 2174 | 1295 | 2020 |
| R² | 0.0076 | 0.0032 | 0.0076 | 0.0052 | 0.0105 | 0.0532 |
| Countries | 112 | 118 | 91 | 112 | 118 | 91 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses. Separate regressions by KAOPEN tercile for banking crisis onset and CA reversal.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*